SILVER PRODUCER PROFITABLE GROWTH PROFITABLE PRIMARY SILVER PRODUCER. Primary Silver Producer 66% Ag, 28% Au, 6% Pb-Zn

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2 PROFITABLE PRIMARY SILVER PRODUCER SILVER Primary Silver Producer 66% Ag, 28% Au, 6% Pb-Zn PRODUCER Two 100% owned mines in Mexico Unhedged Ag & Au; No Royalties PROFITABLE FY 2012 Net Income of $5.5 million GROWTH Good organic growth opportunities Aggressively seeking acquisitions 2

3 VISION To build a profitable mid-tier primary silver producer +5 million Ag Eq Oz annual production +40 million Ag Eq Oz resource Strong organic growth supplemented by strategic acquisitions Socially and environmentally responsible 3

4 2013 OBJECTIVES Increase cash flow from mine operations by cutting costs and improving operating efficiency Aggressively drive the development of San Ignacio with the view to production in 2014 to augment existing production Commence the exploration drilling at El Horcon Review other acquisition opportunities 4

5 MEXICO Top silver producing country in the world Stable politics & economy 5

6 GUANAJUATO Ag-Au DISTRICT Making new discoveries in one of Mexico s most historic mining districts with past production of >1 billion oz Ag over 400 years Expanding, developing and exploring the Guanajuato Mine Complex Underground development pending at the San Ignacio Project Exploring for new silver-gold mineralization at the El Horcon and Santa Rosa Projects 6

7 GUANAJUATO Ag-Au MINE Historic underground mine with two operating shafts & three ramps Currently mining & developing to the SE of the Cata Shaft and at Guanajuatito in NW Deep drilling successful in intersecting high grade Ag-Au mineralization in Valenciana Building resources to increase mine life and production Improved recoveries and increased throughput at newly-refurbished plant 7

8 GUANAJUATO Ag-Au MINE Accounts for 68% of total production FY 2012 Metal Production (Ag Eq Oz) Ag Production (Ag Oz) 1,625,305 1,004,331 FY 2012 Recoveries Ag/Au 90.2% / 91.5% FY 2012 Average Grades 199g/t Ag 2.02g/t Au 8 FY 2012 Cash Cost/Ag Oz 1 $7.47 FY 2012 Ore processed (tonnes) 174, Cash cost per silver ounce is a non-ifrs measure. It is calculated by taking the cost of sales, plus smelting and refining costs, minus by-product revenue, minus any custom milling (Topia), divided by silver payable ounces. Refer to the Non-IFRS Measures section of MD&A for a complete definition and reconciliation to the Company s financial statements.

9 SAN IGNACIO Ag-Au PROJECT Current resource covers only 650 metre strike length out of 4 km potential Step-out drilling continues to show excellent silver-gold mineralization Mineralization starts metres below surface so easy access by ramp Development ore will be trucked to Cata Plant immediately no need to stockpile Ability to monetize the project right away will help pay for its development 9

10 SAN IGNACIO Ag-Au PROJECT Location Ownership Past Production New Discovery Inferred Resources Portal and Ramp Guanajuato State 100%; No Royalties 113g/t Ag & 1.01g/t Au More than 29,700 metres drilled since million Ag Eq Oz in 826, g/t Ag & 2.28g/t Au Permitting underway and expected Q Production anticipated to ramp up through

11 EL HORCON Ag-Au PROJECT Property covers >7,900 hectares within Guanajuato Trend Past producing (16 th -18 th century) underground mine Multiple veins in old workings accessed by cross-cut Mapping & sampling underway; drilling expected by Q Initial mineral resource delineation targeted for H Trucking distance to GPR s Cata Processing Plant in Guanajuato 11

12 TOPIA Ag-Pb-Zn-Au MINE Property covers >6,500 hectares High grade, narrow vein underground mining Mining 16 different veins & trucking to central plant Expanding production at Argentina, San Gregorio and El Rosario Extending strike length of known veins with additional drilling Accumulating additional claims in district 12

13 TOPIA Ag-Pb-Zn-Au MINE Accounts for 32% of total production FY 2012 Metal Production (Ag Eq Oz) Ag Production (Ag Oz) FY 2012 Recoveries Ag/Au Pb/Zn FY 2012 Average Grades 753, , % / 57.9% 92.3% / 90.6% 345g/t Ag, 0.55g/t Au 1.86% Pb, 2.91% Zn FY 2012 Cash Cost/Ag Oz 1 $21.42 FY 2012 Ore processed (tonnes) 56, Cash cost per silver ounce is a non-ifrs measure. It is calculated by taking the cost of sales, plus smelting and refining costs, minus by-product revenue, minus any custom milling (Topia), divided by silver payable ounces. Refer to the Non-IFRS Measures section of MD&A for a complete definition and reconciliation to the Company s financial statements.

14 DRILLING Planned for 2013 Guanajuato 16,695 m 26,546 m 29,254 m 24,000 m Topia 8,815 m 4,526 m 8,059 m 1,500 m San Ignacio 1,762 m 17,313 m 9,310 m - Santa Rosa - - 1,653 m - El Horcon ,000 m Total 27,272 m 48,385 m 48,276 m 28,500 m 2013 focus on quality vs. quantity ounces Striking balance between cash flow and exploration funding Track record of making new discoveries 14

15 RESOURCES Measured Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz Guanajuato 275, ,340,000 19,570 3,530,000 Topia 60, ,560,000 3,200 2,230,000 Total Measured 3,900,000 22,770 5,760,000 Indicated Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz Guanajuato 232, ,000 19,890 2,119,000 Topia 95, ,480,000 4,100 3,370,000 Total Indicated 3,390,000 23,990 5,489,000 Total Measured + Indicated 7,290,000 46,760 11,249,000 Inferred Tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (oz) Au (oz) Ag Eq Oz Guanajuato 223, ,587,000 15,060 2,503,000 Topia 273, ,580,000 7,170 9,540,000 San Ignacio 826, ,205,000 60,700 6,894,000 Total Inferred 11,372,000 82,930 18,937, NOTE: Compliant NI Resource estimates were calculated using CIM standards. Guanajuato resources, June US$17.67 oz Ag; US$1150 oz Au Topia, June US$28.00 oz Ag; US$1,680 oz Au; US$0.85 lb Pb ; US$0.85 lb Zn San Ignacio, June US$17.67 oz Ag; US$1150 oz Au. Robert Brown, P. Eng. is the Qualified Person under NI

16 RESOURCES 35,000,000 30,000,000 25,000,000 Ag Eq Oz 20,000,000 15,000,000 Inferred Indicated Measured 10,000,000 5,000, Resources have increased substantially from zero when operations began 16 NOTE: Compliant NI Resource estimates were calculated using CIM standards. Guanajuato resources, June US$17.67 oz Ag; US$1150 oz Au Topia, June US$28.00 oz Ag; US$1,680 oz Au; US$0.85 lb Pb ; US$0.85 lb Zn San Ignacio, June US$17.67 oz Ag; US$1150 oz Au. Robert Brown, P. Eng. is the Qualified Person under NI

17 TRACK RECORD REVENUES & WORKING CAPITAL $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 Steady growth in revenue $ Net Smelter Revenue Earnings from Mining Operations $60,000,000 $50,000,000 Working capital $44.5 million at December 31, 2012 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $ Working Capital 17

18 GROSS MARGIN 70% 60% 50% 40% 30% 20% 10% 0% Topia Guanajuato Strong margins at both operations Note: Gross margin before amortization, depletion and other non-cash charges 18

19 2012 FINANCIAL SUMMARY in 000s except ounces, amounts per share and per ounce Year Ended Dec 31, 2012 Year Ended Dec 31, 2011 Change Revenue $ 61,139 $ 57,818 6% Net income (loss) $ 5,510 $ 11,506-52% Cash flow from operating activities $ 13,140 $ 19,099-31% Adjusted EBITDA 1 $ 16,893 $ 24,723-32% Earnings (loss) per share basic $ 0.04 $ % Earnings (loss) per share diluted $ 0.04 $ % Silver ounces produced 1,560,040 1,495,372 4% Silver equivalent ounces produced 2 2,378,603 2,200,013 8% Silver payable ounces 1,472,269 1,332,262 11% Total cash cost per silver ounce (USD) 3 $ $ % Average realized silver price (USD) 4 $ $ % Adjusted EBITDA is a non-ifrs measure. Refer to the Non-IFRS Measures section of the Company s MD&A for a complete definition and reconciliation to the Company s financial statements. 2. Silver equivalent ounces in 2012 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb, and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. 3. Cash cost per silver ounce is a non-ifrs measure. It is calculated by taking the cost of sales, plus smelting and refining costs, minus by-product revenue, minus any custom milling (Topia), divided by silver payable ounces. Refer to the Non-IFRS Measures section of the Company s MD&A for a complete definition and reconciliation to the Company s financial statements. 4. Average revenue per silver ounce sold is prior to treatment, refining and smelting charges.

20 2012 OPERATIONAL SUMMARY Consolidated Operations FY 2012 Q Q Q Q Tonnes Milled 230,120 67,659 58,307 52,956 51,198 Production Silver ounces 1,560, , , , ,526 Gold ounces 10,924 2,826 3,015 2,354 2,729 Lead tonnes Zinc tonnes 1, Silver equivalent ounces 1 2,378, , , , , Silver equivalent ounces in 2012 were established using prices of US$28 per oz, US$1,680 per oz, US$0.85 per lb, and US$0.85 per lb for silver, gold, lead & zinc, respectively, and applied to the recovered metal content of the concentrates that were produced by the two operations. 20

21 CORPORATE STRUCTURE Shares Issued 137,860,052 Fully Diluted 143,508,902 Insider / Institutional Ownership ~1% / ~22% Market Capitalization 90-day daily average trading volume 52-week trading range TSX NYSE MKT Cash Position at Dec 31, 2012 Working Capital at Dec 31, 2012 CA $197.1 million ~802,447 shares CA $ $2.48 US $ $2.50 CA $25.9 million (no LTD) CA $44.5 million Analyst Coverage: Salman Partners, Dundee Capital Markets, Stonecap Securities Inc., Global Hunter Securities LLC, Euro Pacific Capital Inc. Included in: Russell Global Index and Market Vectors TM Junior Gold Miners Index 21 Updated on March 12, 2013

22 SOCIAL PRINCIPLES We are committed to ensuring our employees and contractors return home safely every day. We are committed to fair and equitable employment conditions for our employees. We are committed to enhancing and benefiting the communities in which we live and operate. We are committed to minimizing and restoring any impact on our environment. We are committed to strong ethics and we abide by all rules and regulations that apply to our business. Awarded distinction as a Socially Responsible Company by CEMEFI, Centro Mexicano para la Filantropía, for a third consecutive year in February,

23 DIRECTORS & SENIOR MANAGEMENT TEAM Board of Directors R.W. (Bob) Garnett, CA, ICD.D, Chairman; Robert Archer, P. Geo.; Ken Major, P. Eng.; John Jennings, MBA, CFA Robert Archer, P. Geo. Chief Executive Officer & Co-founder Martin Carsky, CA, ICD.D President Charles Brown, B. Sc. SVP Corporate Development Jim Zadra, CA, MBA Chief Financial Officer Robert Brown, P. Eng. VP Exploration David Asher, MBA VP Technology Services Rhonda Bennetto, B. Sc. VP Corporate Communications 23

24 VALUE ADVANTAGE Great Panther is a profitable primary silver producer Strong leverage to silver price Good liquidity on NYSE MKT and TSX Strong working capital & no long term debt Analyzing acquisition opportunities in Latin America 24

25 DISCLAIMER This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, "forward-looking statements"). Such forward-looking statements may include but are not limited to the Company's plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company's operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company's Annual Information Form for the year ended December 31, 2012 and Material Change Reports filed with the Canadian Securities Administrators available at and reports on Form 40-F and Form 6-K filed with the Securities and Exchange Commission and available at Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as expects, anticipates, plans, projects, estimates, assumes, intends, strategy, goals, objectives, potential or variations thereof, or stating that certain actions, events or results may, could, would, might or will be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements. Robert Brown, P. Eng. is the Qualified Person under NI for the projects discussed in this presentation. 25

26 CAUTIONARY NOTE TO U.S. INVESTORS The terms "Measured resource", "Indicated resource" and "Inferred resource" used in this document are Canadian mining terms as defined in National Instrument Standards of Disclosure for Mineral Projects ( NI ) and CIM Standards on Mineral Resources and Mineral Reserves. Mineral resources that are not mineral reserves have not been demonstrated to be economically and legally extractable. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. It should not be assumed that all or any part of a resource will ever be converted to a reserve. The mineral resource estimates presented herein include Inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred resources will be converted to Measured and Indicated resource categories through further drilling, or into mineral reserves once economic considerations are applied. We advise U.S. Investors that while the terms "Measured resource", "Indicated resource" and "Inferred resource" are recognized and required to be reported by Canadian regulations, the U.S. Securities and Exchange Commission ("SEC") does not recognize these terms and does not normally permit such terms to be used in reports and registration statements filed with the SEC. As such, information contained in this document concerning descriptions of mineralization and resources under Canadian standards may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. Inferred resources have a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a Measured, Indicated or Inferred resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that any part or all of an Inferred mineral resource exists, or is economically or legally mineable. U.S. investors are also cautioned not to assume that any part or all of the mineral deposits in the Measured resource or Indicated resource categories will ever be converted into reserves. 26

27 APPENDIX A: SILVER vs. GOLD Silver price has been tracking gold throughout this cycle, both driven by investment demand Silver market is much smaller & therefore more volatile Percentage gains in silver since 2003 have been greater than in gold As we enter the next phase of this long-term bull market, the anticipated gains in silver should continue to outpace those in gold 27 Silver producers should outperform the metal itself due to leverage

28 SILVER TRADING PATTERNS 28 Repeatable trading pattern period of consolidation (trading is range-bound with slight uptrend) followed by a parabolic move upward, then a sharp correction Start of parabolic move is roughly two thirds of the previous one; parabolic move upwards tends to start in September-October and peak in March-April, on a two- or three-year cycle; Each cycle is more pronounced than the one before & volatility has increased with each cycle

29 GREAT PANTHER LEVERAGED TO SILVER Silver price has more influence on GPR s share price than other factors - one of the best correlations in the sector Improving company fundamentals (earnings, production, resources & reserves) amplifies silver leverage With greater liquidity, equity markets are better vehicles to gain silver exposure than futures market 29 GPR has ~30% gold as a by-product so can benefit when gold-silver ratio increases form of hedge against lower silver prices

30 GREAT PANTHER LEVERAGED TO SILVER 390% 340% GPR Silver 290% 240% 190% 140% 90% 40% -10% Although the overall trends are similar, GPR s share price amplifies changes in the silver price 30 Should silver prices rise, it s possible for GPR s share price to increase based on previous similar market conditions.

31 TREE PLANTING I helped plant 1,070 trees Sofia Guanajuato Reforestation Project, 2012

32 March 13,